Bankruptcy – Creditors, Garnished Wages, Judgment, Foreclosure, Financial Matters Attorneys

1. BANKRUPTCY DOES NOT MEAN YOU WILL LOSE YOUR HOME, CAR OR OTHER BELONGINGS.

The majority of people we helped with personal bankruptcy did not lose any of their possessions. You see, many of your possessions are protected from creditors by exemptions in the state laws of Missouri and Illinois. If there is any risk of losing property, you should be informed of this by your attorney before your bankruptcy is filed and you should then tell your attorney how you want him or her to proceed.

2. TRANSFERRING OR SELLING PROPERTY TO A FAMILY MEMBER OR FRIEND DOES NOT NECESSARILY PROTECT THE PROPERTY FROM BEING TAKEN BY YOUR CREDITORS.

Laws exist that allow creditors to avoid such transfers as fraudulent conveyances. If you are contemplating such a move, make sure you discuss this with your attorney during your free consultation, the attorney will then be able to advise you of your legal rights and options.

3. IT IS NOT TOO LATE TO FILE BANKRUPTCY AFTER A JUDGMENT HAS BEEN ENTERED AGAINST YOU OR YOUR WAGES HAVE BEEN GARNISHED.

In a large majority of such cases, bankruptcy can eliminate the judgment or the garnishment.

4. BANKRUPTCY HAS THE POWER TO STOP A SCHEDULED FORECLOSURE SALE AND GIVE THE HOMEOWNER A CHANCE TO CATCH UP ON THEIR MORTGAGE.

But you must see an attorney no less than a week before the sale date to allow them sufficient time to review your situation and determine whether bankruptcy can help you. Ideally you should meet with an attorney when the mortgage company first threatens a foreclosure sale. Remember: The initial consultation with a lawyer is free.

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